Other capital gain history

[pappa]

I have been using UFile for years. This year I have a capital loss due to the sale of shares.

Example; Under "Other capital gain history; Other capital gains (losses)" I see - 2009 (a loss), 2013 gain, 2015 gain, 2018 gain. 

While filing this 2019 return I have a (loss).

How do I interpret the Schedule 3 capital gains loss history page. Is this the page that shows how UFile processed the gains and losses? I also see the carry forward page of my loss in this Schedule 3.

I have been searching and have yet to find an answer to whether UFile automatically applies the capital loss to any years we had capital gains, as modest as they may be. 

[Nawal]

Hi pappa, in your case Ufile will apply the carried forward loss of 2009 on the gain from 2013 and so on. But for the loss of 2019, if you wish to apply it on the previous years gain (if available) you will have to do an adjustment on 2015 or/and 2018 year to include the loss. Otherwise, the 2019 loss will be automatically carried forward to next year. For more information, please contact the Canada Revenue Agency.

[Brandy]

The following information may be of some help for you:

 

 

[pappa]

Perhaps you can help me decipher the tax return.

As I review my tax return Capital Gains History (Federal) Page 1 there are columns that indicate years and values as shown in attached snag.

Across from the specified years in the columns;

other; net taxable capital gains; ineligible; capital losses of previous years used 

there are values with a total along the bottom of each of the above columns. What does that represent? Is it showing that UFile applied the losses to the gains automatically? 

 

[pappa]

P.S. Thank you however I had seen the snag for the interview set up but I don't understand how it applies to my capital loss this year as the previous years are only modest gains.

Simply asking, will UFile manage all this automatically?

[Nawal]

Hi pappa, Ufile applies automatically the losses from previous years towards the capital gains. But to apply the losses on previous capital gains, you have to go backwards and apply the losses against the gain by doing and adjustment. For more details about the adjustment please contact our support team at support@ufile.ca